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  • Business - Economy
  • Updated: 2 weeks ago

Worrying Times For Traders As Naira Crashes In Black Market

Worrying times for the naira as the local currency lost ground against the US dollar as it exchanged between NGN572/USD and NGN575/USD in the parallel market, while it also depreciated by -0.04% in the CBN interbank market, trading at NGN414.44/USD.

It, however, gained strength by 0.12% to trade at NGN416.00/USD in the I & E window.

A cross-section of black market traders expressed surprise over the rate drop and only hoped for a change in fortune for the local currency.

Inflation figures from the Nigerian Bureau of Statistics (NBS) still stayed at 15.40% as we await an updated figure from the agency, while the Monetary Policy Rate (MPR) stayed at 11.50%.

The gross external reserve dropped to USD40.49 billion due to a loss of USD24.3 million.

In the money market, the overnight lending rate contracted by 50 bps from 15.75% to close at 16.25% following the absence of any funding pressure on the system.

The average yield of the NTB secondary market stayed within the 2bps margin to remain at 4.4%.

At the NTB secondary market, the average yield declined at the mid-segment (14-JUL-22, maturity date) to 4.39% from 4.785 due to investors’ demand for the 183DTM bill; yields were unchanged at the mid and long segments.

Similarly, the average yield expanded by 5.6% in the OMO segment.

Finally, the average yield traded in the treasury bond secondary market stayed flat at 11.4%.

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